Mobile Infrastructure Reports Second Quarter 2025 Financial Results

Core Insights - The company reported a total revenue of $9.0 million for Q2 2025, a decrease of 3.0% from $9.3 million in Q2 2024, with a net loss of $4.7 million compared to a loss of $2.5 million in the prior year [5][8][9] - Contract parking volumes increased by 2.5% in Q2 and 6.6% year-to-date, driven by positive trends in return-to-office and hybrid work environments [2][12] - The company is actively pursuing a divestiture strategy, aiming to sell approximately $100 million in non-core assets over the next three years, with $20 million in asset sales currently in negotiation [3][12] Financial Performance - General and administrative expenses decreased to $2.1 million in Q2 2025 from $2.9 million in Q2 2024, reflecting a reduction in non-cash compensation [6] - Interest expense rose to $4.7 million in Q2 2025 from $3.1 million in the same period last year, primarily due to a revolving credit facility [7] - Net Operating Income (NOI) for Q2 2025 was $5.4 million, a 3.5% decrease from $5.6 million in Q2 2024 [9][28] Market Trends and Outlook - The company anticipates improved demand in 2026 as event centers reopen and construction projects are completed in key markets [2][12] - The full-year 2025 revenue guidance is set between $37 million and $40 million, with a net operating income forecast of $23.5 million to $25.0 million, although the company is tracking towards the lower end of these ranges due to construction delays [12][13] - The company believes it is well-positioned to capture long-term demand driven by urban residential conversions and the resurgence of office-based work [13] Asset Management Strategy - The company is focused on optimizing its balance sheet and reinvesting proceeds from asset sales into larger assets with higher net operating income potential [3][12] - As of June 30, 2025, the company had $15.9 million in cash and total debt outstanding of $214.3 million [11] - The company owns a diversified portfolio of 40 parking facilities across 20 markets in the U.S., totaling approximately 15,100 parking spaces [21]